Statement on Competition and Innovation, 58439 [2022-20896]

Download as PDF 58439 Rules and Regulations Federal Register Vol. 87, No. 186 Tuesday, September 27, 2022 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Chapter X Statement on Competition and Innovation Bureau of Consumer Financial Protection. ACTION: Statement. AGENCY: The Paperwork Reduction Act (PRA) authorization regarding the revised Policy on No-Action Letters and the Policy on the Compliance Assistance Sandbox (Policies) expires, and accordingly those Policies are no longer effective, as of September 30, 2022. SUMMARY: This statement is applicable on September 30, 2022. FOR FURTHER INFORMATION CONTACT: Colete Fontenot, Acting Docket Manager, at (202) 435–7700. If you require this document in an alternative electronic format, please contact CFPB_ Accessibility@cfpb.gov. SUPPLEMENTARY INFORMATION: DATES: jspears on DSK121TN23PROD with RULES I. Discussion On September 10, 2019, the Consumer Financial Protection Bureau (Bureau or CFPB) issued the ‘‘Policy on No-Action Letters’’ and the ‘‘Policy on the Compliance Assistance Sandbox’’ (Policies).1 The CFPB issued the original version of its Policy on No-Action Letters in February 2016.2 The Policy on No-Action Letters set forth how companies should submit No-Action Letter applications and how the CFPB would assess and issue No-Action Letters. Under the policy, the CFPB would grant No-Action Letters to individual companies, advising recipients that the agency would not make supervisory findings or bring a supervisory or enforcement action 1 84 FR 48229 (Sept. 13, 2019); 84 FR 48246 (Sept. 13, 2019). 2 81 FR 8686 (Feb. 22, 2016). VerDate Sep<11>2014 15:41 Sep 26, 2022 Jkt 256001 against the company with respect to certain matters. The Policy on the Compliance Assistance Sandbox set forth how the CFPB would grant a company immunity from liability under one or more of three safe harbor provisions and provide an approval concluding that the offering or providing of certain aspects of an individual company’s product or service complies with the relevant Federal consumer financial law. Under the Paperwork Reduction Act of 1995 (PRA),3 Federal agencies are required to assess the paperwork burdens of their information collection activities. The PRA authorization concerning the Policies expires September 30, 2022. The CFPB determined that the Policies do not advance their stated objective of facilitating consumer-beneficial innovation. The CFPB also determined that the existing Policies failed to meet appropriate standards for transparency and stakeholder participation. The CFPB is developing new approaches to facilitate the development of new products and services. To preserve resources and reduce inefficiency and burden, the CFPB is not requesting to renew the Policies’ PRA authorizations, and the Policies are rescinded, effective September 30, 2022. Consistent with the PRA, as of September 30, 2022, the CFPB will no longer accept No-Action Letter or Compliance Assistance Sandbox applications submitted on a form using OMB Control No. 3170–0059.4 The CFPB will continue to accept and process requests under the Trial Disclosure Policy.5 Entities that have made submissions under the No Action Letter or Compliance Assistance Sandbox Policies will be notified if the CFPB intends to take additional steps on such submissions. II. Regulatory Matters This statement rescinds certain general statements of policy and/or rules of agency procedure or practice. 3 44 U.S.C 3501 et seq. Letter Application, Consumer Financial Protection Bureau, OMB No. 3170–0059, https://files.consumerfinance.gov/f/documents/ cfpb_no-action-letter-application-form.pdf; Compliance Assistance Sandbox Application, Consumer Financial Protection Bureau, OMB No. 3170–0059, https://files.consumerfinance.gov/f/ documents/cfpb_sandbox-application.pdf. 5 84 FR 48260 (Sept. 13, 2019). 4 No-Action PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 Because no notice of proposed rulemaking is required, the Regulatory Flexibility Act does not require an initial or final regulatory flexibility analysis.6 Rohit Chopra, Director, Consumer Financial Protection Bureau. [FR Doc. 2022–20896 Filed 9–26–22; 8:45 am] BILLING CODE 4810–AM–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA–2022–0287; Project Identifier MCAI–2020–01602–T; Amendment 39–22142; AD 2022–17–04] RIN 2120–AA64 Airworthiness Directives; De Havilland Aircraft of Canada Limited (Type Certificate Previously Held by Bombardier, Inc.) Airplanes Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Final rule. AGENCY: The FAA is adopting a new airworthiness directive (AD) for certain De Havilland Aircraft of Canada Limited Model DHC–8–400 series airplanes. This AD was prompted by reports of broken P-clamps on the pressure relief line and the motive flow line in the fuel tanks, and a subsequent determination that certain service information lacked instructions for maintaining appropriate clearance between certain fuel tubes and their support brackets, and may also have led to incorrect installation of certain TeflonTM sleeves. This AD was also prompted by a determination that new or more restrictive airworthiness limitations are necessary. This AD requires inspecting the motive flow line, vent line, and related parts, and adding support or additional clearance if necessary. This AD also requires inspection, and replacement or relocation if necessary, of affected TeflonTM sleeves on the vent line, and installation of TeflonTM sleeves on the vent line at additional wing stations. This AD also requires revising the existing maintenance or inspection SUMMARY: 65 U.S.C. 603(a), 604(a). E:\FR\FM\27SER1.SGM 27SER1

Agencies

[Federal Register Volume 87, Number 186 (Tuesday, September 27, 2022)]
[Rules and Regulations]
[Page 58439]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20896]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 

========================================================================


Federal Register / Vol. 87, No. 186 / Tuesday, September 27, 2022 / 
Rules and Regulations

[[Page 58439]]



BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Chapter X


Statement on Competition and Innovation

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Statement.

-----------------------------------------------------------------------

SUMMARY: The Paperwork Reduction Act (PRA) authorization regarding the 
revised Policy on No-Action Letters and the Policy on the Compliance 
Assistance Sandbox (Policies) expires, and accordingly those Policies 
are no longer effective, as of September 30, 2022.

DATES: This statement is applicable on September 30, 2022.

FOR FURTHER INFORMATION CONTACT: Colete Fontenot, Acting Docket 
Manager, at (202) 435-7700. If you require this document in an 
alternative electronic format, please contact 
[email protected].

SUPPLEMENTARY INFORMATION:

I. Discussion

    On September 10, 2019, the Consumer Financial Protection Bureau 
(Bureau or CFPB) issued the ``Policy on No-Action Letters'' and the 
``Policy on the Compliance Assistance Sandbox'' (Policies).\1\ The CFPB 
issued the original version of its Policy on No-Action Letters in 
February 2016.\2\ The Policy on No-Action Letters set forth how 
companies should submit No-Action Letter applications and how the CFPB 
would assess and issue No-Action Letters. Under the policy, the CFPB 
would grant No-Action Letters to individual companies, advising 
recipients that the agency would not make supervisory findings or bring 
a supervisory or enforcement action against the company with respect to 
certain matters.
---------------------------------------------------------------------------

    \1\ 84 FR 48229 (Sept. 13, 2019); 84 FR 48246 (Sept. 13, 2019).
    \2\ 81 FR 8686 (Feb. 22, 2016).
---------------------------------------------------------------------------

    The Policy on the Compliance Assistance Sandbox set forth how the 
CFPB would grant a company immunity from liability under one or more of 
three safe harbor provisions and provide an approval concluding that 
the offering or providing of certain aspects of an individual company's 
product or service complies with the relevant Federal consumer 
financial law.
    Under the Paperwork Reduction Act of 1995 (PRA),\3\ Federal 
agencies are required to assess the paperwork burdens of their 
information collection activities. The PRA authorization concerning the 
Policies expires September 30, 2022. The CFPB determined that the 
Policies do not advance their stated objective of facilitating 
consumer-beneficial innovation. The CFPB also determined that the 
existing Policies failed to meet appropriate standards for transparency 
and stakeholder participation. The CFPB is developing new approaches to 
facilitate the development of new products and services.
---------------------------------------------------------------------------

    \3\ 44 U.S.C 3501 et seq.
---------------------------------------------------------------------------

    To preserve resources and reduce inefficiency and burden, the CFPB 
is not requesting to renew the Policies' PRA authorizations, and the 
Policies are rescinded, effective September 30, 2022. Consistent with 
the PRA, as of September 30, 2022, the CFPB will no longer accept No-
Action Letter or Compliance Assistance Sandbox applications submitted 
on a form using OMB Control No. 3170-0059.\4\ The CFPB will continue to 
accept and process requests under the Trial Disclosure Policy.\5\ 
Entities that have made submissions under the No Action Letter or 
Compliance Assistance Sandbox Policies will be notified if the CFPB 
intends to take additional steps on such submissions.
---------------------------------------------------------------------------

    \4\ No-Action Letter Application, Consumer Financial Protection 
Bureau, OMB No. 3170-0059, https://files.consumerfinance.gov/f/documents/cfpb_no-action-letter-application-form.pdf; Compliance 
Assistance Sandbox Application, Consumer Financial Protection 
Bureau, OMB No. 3170-0059, https://files.consumerfinance.gov/f/documents/cfpb_sandbox-application.pdf.
    \5\ 84 FR 48260 (Sept. 13, 2019).
---------------------------------------------------------------------------

II. Regulatory Matters

    This statement rescinds certain general statements of policy and/or 
rules of agency procedure or practice. Because no notice of proposed 
rulemaking is required, the Regulatory Flexibility Act does not require 
an initial or final regulatory flexibility analysis.\6\
---------------------------------------------------------------------------

    \6\ 5 U.S.C. 603(a), 604(a).

Rohit Chopra,
Director, Consumer Financial Protection Bureau.
[FR Doc. 2022-20896 Filed 9-26-22; 8:45 am]
BILLING CODE 4810-AM-P
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